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Property profile & analytics
OFF-MARKET
Estimated value
$2,425,000
Investment properties
183 High NE St Salem, OR 97301-3665
Entity Owned
10-yr Hold
Absentee Owner
Free & Clear
Property ID
US71-0916739
Property summary
AI-generated overview
This exceptional 6,208 square foot office condo, located at 183 High St NE in downtown Salem, Oregon, presents a unique investment opportunity. Situated on the second and third floors of a meticulously maintained historic building—once Salem's first hotel—this Class B property offers a blend of modern amenities and charming historical character. The unit, encompassing two levels, features a mix of office spaces, some boasting original exposed brick and historic light halls providing abundant natural light. Amenities include a kitchenette and shared restrooms, with ADA accessibility provided. Currently configured as a multi-tenant space, 1,500 square feet are vacant, ideal for an owner-user. The property is zoned CB and sits on parcel 073W27AB90002. The asking price is $1,150,000, translating to $185.24 per square foot. This income-producing property offers a compelling combination of history, functionality, and potential for future growth in the vibrant Salem market. The building consists of one building with two stories. The lease type is modified.
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
1900
Total area
6,208 SF
Zoning code
CB
APN
073W27AB90002
UPID
US71-0916739
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.42M
Blend (final)
Blend
$2.43M
Owner & transaction history
Cinjoe LLC · 10 yrs held
Cinjoe LLC
since 2016
7 recorded transactions
Zoning & alternative use
CB · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.7M
+55.8%
Auto repair, garage
$2.2M
+26.2%
Medical building
$2.1M
+19.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,755,000
Current use
RESTAURANT
$2,735,000
Change: +56% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,215,000
Change: +26% · Conversion: Difficult
MEDICAL BUILDING
$2,100,000
Change: +19% · Conversion: Easy
OFFICE BUILDING
$1,600,000
Change: -9% · Conversion: Easy
RETAIL STORES
$1,530,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$2.43M
Range $2.18M – $2.67M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$391 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$12,494
Tax year 2023
Assessed value
$652,320
Assessed 2023
Previous assessed
$652,320
+0.0% YoY
Effective rate
1.92%
On assessed value
Improvement market value
$692,630
Total market value
$692,630
Applied tax rate
24,970.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Status
Off-Market
Year built
1900
Heating
NONE
Stories
1
Total area
6,208 SF
Zoning code
CB
APN
073W27AB90002
UPID
US71-0916739
Jurisdiction
MARION
Zoning & alternative use
CB · Salem, OR
Zoning CB · permitted uses
CB · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.8M
RESTAURANT
Est. value
$2.7M
AUTO REPAIR, GARAGE
Est. value
$2.2M
MEDICAL BUILDING
Est. value
$2.1M
OFFICE BUILDING
Est. value
$1.6M
RETAIL STORES
Est. value
$1.5M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1900
Heating
NONE
Stories
1
Current owner
From public records · entity-resolved
Cinjoe LLC
Entity
Free & Clear · 10 yrs held
Mailing address
187 HIGH ST NE, SALEM, OR 97301-3641
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
17 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 16, 2020
—
Cinjoe LLC
—
Deed
related
—
Jul 5, 2017
—
Cinjoe LLC
—
Grant Deed
related
$1,300,000 · Pioneer Tr Bk
Jan 6, 2016
—
Cinjoe LLC
Withycombe LLC
Grant Deed
related
—
Dec 26, 2014
—
Withycombe LLC|tieszen LLC
Smith,carole
Grant Deed
related
—
Jul 13, 2010
—
Carole Smith
—
Trustees Deed
related
—
Jun 24, 2009
—
Carole Smith
—
Trustees Deed
related
—
—
—
Carole Smith
—
Deed Of Trust
related
$45,000 · Pioneer Trust Bank NA
—
—
Carole Smith
—
Deed Of Trust
related
—
—
—
Carole Smith
—
Deed Of Trust
related
—
—
—
Carole Smith
—
Deed Of Trust
related
—
—
—
Cinjoe LLC
—
Loan Modification
related
—
—
—
Carole Smith
—
Loan Modification
related
—
—
—
Carole Smith
—
Loan Modification
related
—
—
—
Carole Smith
—
Loan Modification
related
—
—
—
Carole Smith
—
Loan Modification
related
—
—
—
Carole Smith
—
Deed Of Trust
related
—
—
—
Smith,carole
—
Loan Modification
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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